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USDJPY Channel Breakout or Reversal

OANDA:USDJPY   U.S. Dollar / Japanese Yen
Bullish candle formation and tax cut passage favors continuation of the uptrend, however the doji on the daily could indicate a potential reversal.

For Longs: look for break above November high. Take profit along the January-November line at 114 (+50p) or in the event of continuation at the multi-month high of 114. 40 (+90p).

For Shorts: wait for second rejection along November High and fall below ascending triangle around 113.25. Target September low line at 112. 40 (+85p).

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